Chainlink Is Not Done: Analyst Predicts 300% Rise Against Bitcoin

Source Newsbtc
Jun 1, 2024 23:30

A crypto analyst has highlighted the Chainlink remarkable resilience amidst market volatility, predicting that the cryptocurrency is getting ready to witness a 300% surge against Bitcoin, the world’s largest cryptocurrency. 

Chainlink Poised For 300% Increase Against Bitcoin

Chainlink, a decentralized blockchain oracle network has been gaining traction recently, bolstered by the innovative developments within its ecosystem. Popular crypto analyst, Michael van de Poppe has expressed optimism about Chainlink’s native token, LINK, predicting a major bull rally for the cryptocurrency.

Sharing a price chart depicting Chainlink (LINK)/ Bitcoin (BTC) price movements from 2021 to 2025, Poppe forecasted in an X (formerly Twitter) post that LINK is on track to witness an exponential increase between 150% to 300% against BTC. 

Chainlink

As of writing, the price of Bitcoin is trading at $67,623, according to CoinMarketCap. The cryptocurrency has fallen below key support levels of around $70,000 and reflects a slight decline of 1.05% in the last 24 hours. 

Poppe has revealed that he would not be surprised if Chainlink reaches this price milestone, underscoring his confidence in the cryptocurrency’s price fundamentals and future potential compared to Bitcoin. In the chart analysis, the crypto analyst pinpointed a critical resistance level for LINK/BTC around $0.000448, indicating that this point could trigger strong breakouts upward for Chainlink. 

In an earlier post, Poppe identified Chainlink’s next resistance zone at $21, predicting that the cryptocurrency could see its price trading between $25 and $30 in the coming months. For this to happen, the crypto analyst explained that Chainlink will have to establish a higher low on the weekly time frame.  

Poppe’s optimistic outlook on Chainlink comes after the blockchain platform has initiated several strategic partnerships. Chainlink has collaborated with Circle, a peer-to-peer payments company, to expand developer usage of USDC and Euro Coin (EURC). Additionally, the blockchain platform recently allied with SWIFT, an interbank messaging system, to accelerate the adoption of Distributed Ledger Technology (DLT).

These innovative developments may serve as a catalyst for a potential price increase for the cryptocurrency, driven by enhanced network utility and increased adoption from new users. 

LINK Price Update

Amidst broader market conditions, Chainlink has been performing better than expected, experiencing consistent price increases since the beginning of the year. Over the past month, Chainlink has risen by 45.01%, underscoring the cryptocurrency’s growing demand and interest from investors.

CoinMarketCap’s data has also shown that Chainlink has surged by 3.32% in the last 24 hours and 7.79% over the past week. This bullish performance can be said to be attributed to Chainlink’s ongoing development initiatives in its ecosystem alongside the recent approval of Spot Ethereum ETFs by the United States Securities and Exchange Commission (SEC). 

As of writing, the price of Chainlink is trading at $18.53, reflecting a 24-hour increase of 14.86% in its daily trading volume. 

Chainlink price chart from Tradingview.com
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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